TAXATION – GOVERNMENT POLICY – AUSTRALIA

Turnbull lays path to tax reform

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Original article by Sid Maher
The Australian – Page: 4 : 5-Nov-15

Prime Minister Malcolm Turnbull will use the Rebuilding Foundations for Reform conference on 5 November 2015 to outline the Federal Government’s reform agenda, which will include changes to the tax system. Treasurer Scott Morrison will also address the conference, and he will emphasise the need for changes to an "inefficient and costly" tax regime that will eventually hinder jobs growth and Australia’s attraction as an investment destination. Morrison’s speech will also embrace issues such as competition laws and innovation policy.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH, RESERVE BANK OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION

Extra taxes for rich would raise $8b

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Original article by Joanna Mather, Primrose Riordan
The Australian Financial Review – Page: 1 & 4 : 26-Oct-15

Deloitte has released a report which proposes taxing superannuation in the same way that income is taxed. The flat tax rate of 15 per cent for super contributions would be replaced with a progressive tax system whereby low income earners would pay a contributions tax of just six per cent, while those on higher incomes would pay 34 per cent. Deloitte also proposes reducing the capital gains tax discount from 50 per cent to 33 per cent.

CORPORATES
DELOITTE TOUCHE TOHMATSU LIMITED, DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Poorer families may earn double before tax in GST plan

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Original article by Joanna Mather
The Australian Financial Review – Page: 5 : 20-Oct-15

CPA Australia supports the idea of raising the tax-free threshold to match the minimum wage at $A33,327 a year, to compensate low-income earners for increasing the goods and services tax. CPA CEO Alex Malley said such a move would make work more attractive than welfare payments. Australian National University research fellow Rob Bray has doubts about the effectiveness of the higher tax-free threshold.

CORPORATES
CPA AUSTRALIA, ACTU, LIBERAL PARTY OF AUSTRALIA, KPMG AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN NATIONAL UNIVERSITY

$100m boon in TV tax offset hike

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Original article by Dominic White
The Australian Financial Review – Page: 11 : 20-Oct-15

The Australian TV industry wants the tax offset for television production to be raised from 20 per cent to 40 per cent. PricewaterhouseCoopers estimates in a report prepared for the Australian Subscription Television & Radio Association and Screen Producers Australia that a 40 per cent tax offset would generate a net economic gain of $A103 million.

CORPORATES
PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, SCREEN PRODUCERS AUSTRALIA

Land tax joins GST on agenda

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 19-Oct-15

Australia’s federal and state governments will consider making changes to a range of state-based taxes as part of any tax reform process. Much of the debate on tax reform has centred on increasing the GST to 15 per cent, but other options that will be examined include changes to the land tax, payroll tax and stamp duty regimes. Economic modelling will be undertaken to examine how such reforms would affect government revenue.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA

GST less regressive than critics say

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 4 : 8-Oct-15

A Productivity Commission report concludes that households on low incomes pay about seven per cent of their earnings in the form of GST. This compares with around five per cent of the earnings of people on incomes exceeding $A150,000. The study refutes claims that increasing the GST would place the greatest burden on low-income households. The Productivity Commission stresses that further research on the issue is needed.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE TREASURY

BCA keen to promote tax revamp ideas

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Original article by Phillip Coorey
The Australian Financial Review – Page: 11 : 1-Oct-15

Prime Minister Malcolm Turnbull will discuss economic policy with business, union and community organisation leaders on 1 October 2015. Business Council of Australia (BCA) CEO Jennifer Westacott says there is an urgent need for economic reform, which cannot be delayed until after the next federal election. Westacott adds that the BCA will shortly launch an advertising campaign to promote the need for tax reform, while a subsequent campaign will focus on particular tax that should be changed.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, ACTU, AUSTRALIAN COUNCIL OF SOCIAL SERVICE, KPMG AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Morrison: GST hike could ease worker tax burden

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 5 : 30-Sep-15

Treasurer Scott Morrison has indicated that the Australian Government will ensure that there is no overall increase in the tax burden. He has told Sky News that income tax cuts would be implemented to offset any increase in other taxes, such as the GST. The corporate tax rate and superannuation tax breaks are also likely to be on the agenda when Prime Minister Malcolm Turnbull and key government ministers meet with business, union and community organisation leaders on 1 October 2015.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, SKY NEWS, BUSINESS COUNCIL OF AUSTRALIA, ACTU, AUSTRALIAN COUNCIL OF SOCIAL SERVICE, COUNCIL ON THE AGEING, THE AUSTRALIAN INDUSTRY GROUP, KPMG AUSTRALIA PTY LTD, AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN LABOR PARTY

Treasurer wants to rejig the tax mix for growth

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Original article by Phillip Coorey, Laura Tingle
The Australian Financial Review – Page: 4 : 25-Sep-15

Australian Treasurer Scott Morrison is confident that the Budget deficit can be reduced via spending cuts and measures aimed at lifting economic growth. In contrast, shadow treasurer Chris Bowen argues that tax increases will also be necessary in order to cut the deficit. Morrison also says any tax reforms undertaken by the Federal Government will aim to stimulate the economy and increase government revenue without any increase in the tax take.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF EDUCATION AND TRAINING

Higher GST inevitable, says Brumby

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Original article by Jacob Greber, Ben Potter
The Australian Financial Review – Page: 1 & 8 : 24-Sep-15

Former Victorian premier John Brumby has told the AFR Tax Reform Summit that goods and services tax reform will occur eventually. He has proposed lifting the GST to 15 per cent and broadening its scope. Brumby estimates that this would increase tax revenue by $A40bn, which could be used to finance income tax cuts, a reduction in the corporate tax rate and compensation for people on low incomes. However, he says any push to apply the GST to fresh food is likely to be rejected by the Senate.

CORPORATES
AUSTRALIAN LABOR PARTY, ACTU, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, RIO TINTO LIMITED – ASX RIO, BUSINESS COUNCIL OF AUSTRALIA, GRATTAN INSTITUTE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN CAPITAL TERRITORY. DEPT OF THE CHIEF MINISTER